Mr. Chabot introduced
the following joint resolution; which was referred to the
Committee on the
Judiciary

JOINT RESOLUTION

Proposing a balanced budget amendment to
the Constitution of the United States.

That the following article is
proposed as an amendment to the Constitution of the United States, which shall
be valid to all intents and purposes as part of the Constitution when ratified
by the legislatures of three-fourths of the several States within seven years
after the date of its submission for ratification:

—1.

Total outlays for a year shall not exceed
the average annual revenue collected in the three prior years, adjusted in
proportion to changes in population and inflation. Total outlays shall include
all outlays of the United States except those for payment of debt, and revenue
shall include all revenue of the United States except that derived from
borrowing.

2.

Two-thirds of each House of Congress may by
roll call vote declare an emergency and provide by law for specific outlays in
excess of the limit in section 1. The declaration shall specify reasons for the
emergency designation and shall limit the period in which outlays may exceed
the limit in section 1 to no longer than one year.

3.

All revenue in excess of outlays shall
reduce the debt of the United States. Upon the retirement of such debt, revenue
in excess of outlays shall be held by the Treasury to be used as specified in
section 2.

4.

The Congress shall have power to enforce
and implement this article by appropriate legislation.

5.

This article shall take effect in the first
year beginning at least 90 days following ratification, except that outlays
shall not surpass the sum of the limit described in section 1 and the following
portion of the prior year’s outlays exceeding that limit (excepting emergency
outlays as provided for in section 2): six-sevenths in the first year,
five-sixths in the second, four-fifths in the third, three-fourths in the
fourth, two-thirds in the fifth, one-half in the sixth, and the limit shall
bind in the seventh year and
thereafter.